Buyer’s Roadmap

Inspections, Appraisal & Closing

Once you have a ratified contract you’ll begin moving through the closing process and taking care of removing contingencies. Your agent will guide you through these steps and make sure that they go as smoothly as possible. Let’s take a moment to outline the important steps going forward.

Title/Settlement Company

Before a contract is ratified the buyer and seller will come to agreement on which title company each will be using to handle their side of the transaction. The title company will act as a third party to hold the instruments necessary in the sale, such as funds and the deed. Along with your offer to purchase you will submit an earnest money deposit to be held in escrow. This shows the seller you are serious about purchasing the property and it will be credited to you at closing.

The title company will also complete a title search on the home being purchased. This is used to determine that the title is clear of encumbrances and the seller is actually able to transfer the deed at closing. The title company will also provide insurance at closing to protect you, the buyer, in case anything was missed and surfaces in the future. This is crucial to protect your investment.

Our agents work with experienced title companies that always get the sale to closing as efficiently as possible. We also have two full-time closing managers that work directly with the title company to make sure the process is a smooth one. Your transaction is always in great hands with our affiliates and supporting team members.

Inspections

It is always recommended, and many times required, to get a professional home inspection done before buying a property. A basic home inspection will evaluate the home’s major systems (heating, AC, electrical, etc.) as well as the structure and any maintenance items required. Additional inspections may also be suggested by your Realtor depending on the property. Some of these inspections may include radon, roof, septic, mold or a boundary survey just to name a few. Your agent will give you guidance to help determine exactly what parts of the home you should take a closer look at.

Once the inspections have been completed you will have a list of any defects in the home. If there are any large issues this can reopen negotiations with the seller. There are many ways to remedy these items including price reductions, seller concessions or having the seller fix the issues before closing. Once again, your agent will help you through this part of the process and negotiate the best solution.

Remember, just because a home might have some issues doesn’t mean you need to walk away. A good Realtor is also a professional problem solver who can help you find a way to overcome and remedy any issues that may arise.

Appraisal and Financing

Once you have a home under contract both you and your agent will work closely with your lender to obtain the proper financing on the property. A ratified contract and any other pertinent documents will be sent to your lender. They will then order an appraisal of the property to verify it will be sufficient collateral for your new loan. This is where having a good lender is important because constant communication and a keen knowledge of the loan process will help it go smoothly and with less hassles. Once your financing has been approved you can then move forward with the purchase of the home.

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